Hotel101 enters Africa with P6.44-billion, 750-room Cairo hotel project

Nasdaq-listed Hotel101 Global Holdings Corp. will enter Africa through a country-wide development agreement in Egypt, starting with a P6.44-billion hotel in Cairo's western district. The 750-room Hotel101-Cairo West is planned on a 15,984-square-metre site along Ahmed Zewail Road in 6th of October C

Nasdaq-listed Hotel101 Global Holdings Corp., a unit of DoubleDragon Corp., will enter Africa through a country-wide development agreement in Egypt, starting with a P6.44-billion hotel project in Cairo's western district. The development is subject to customary governmental, regulatory, corporate and other approvals, the company said in a statement on Wednesday.

Hotel101-Cairo West will have about 750 rooms on a 15,984-square-metre site along Ahmed Zewail Road in 6th of October City, Giza. The project is targeted for completion by 2029 and is expected to rank among Cairo's three biggest hotels by room count.

The hotel will be about 10 minutes from the Giza Pyramids and the Grand Egyptian Museum. It will offer four-star accommodations and include facilities for business events such as a ballroom, meeting rooms and a conference centre. Amenities are expected to include restaurants, swimming pools, a gym, a business centre, a children's playground, parking facilities and luggage storage.

Hotel101 signed the agreement with WNTR Property & Hospitality, an affiliate of IGI Holding, an Egyptian group with interests in manufacturing, petroleum, construction and real estate. IGI Developments, IGI Holding's property unit, has been building residential communities in Egypt since the mid-1990s and has a land bank of about 2.5 million square metres.

The Egypt project is part of Hotel101 Global's overseas expansion. The company began operating Hotel101-Madrid in Spain in March and is scheduled to open a 482-room hotel in Niseko, Hokkaido, Japan in December. DoubleDragon shares closed unchanged at P11.70 each.